Tax Year Prior to 2020: Do I have to claim my student loan interest?

[shadow]

I already e file my taxes and I'm getting a returned but I forgot about my student loan interest. It's $672.00 Will it  really change anything? Does it have to be included on my taxes?

[KrisD]

No, there is no requirement to report the student loan interest you paid during a tax year. How the amount will affect your return is difficult to say since there are so many other factors to a tax return. The interest is usually subtracted from your total income before computing your Adjusted Gross Income (AGI).

I suggest you do a mock-up of your return including the interest paid to see if reporting would result in a larger refund. 

CLICK HERE for information from TurboTax about student loans

CLICK HERE for TurboTax Tools and Tips about Amended Returns

[Missthomas863]

Did you have to amend your return. Im currently in this situation and would like to know the outcome.

[WKins2]

No, you do not need to file your student loan interest, it is not required. You might be due a larger refund or owe less taxes if you decide to amend your return to claim the student loan interest. 

If you already filed your return you will need to wait to see if it was rejected or accepted. If they were rejected, you are able to login to your return to correct the errors that caused the rejection and then re-file your return. If your returns were accepted, then you will need to file an amended return. You should not try to amend your return until the original return it has been fully processed and you have received your refund or your payment has cleared.
Amended returns do not “catch up” to your original return and replace them; they are processed as two separate returns.  
 

Amended returns have to be printed and filed by mail.  It can take the IRS up to 12 weeks or longer to process them.   If you are due a larger refund than on your original return, your amended return should only show the difference and you will receive a separate check for it.  If you owe money on your amended return, it will show only the new amount owed, you will have to mail a check with the return.

You can check the status of your amended return by clicking here: https://www.irs.gov/filing/individuals/amended-returns-form-1040-x-/wheres-my-amended-return-1

Click here for amending instructions: https://ttlc.intuit.com/replies/3288565

[NCperson]

first , what is your income?

the loan interest benefit "phases out" beginning at $70,000 and is gone at $85,000 (single).  that means that the loan interest deduction is 'worthless' if your income is above $85,000.  Plug in $140,000 and $170,000 if married to my earlier statement.

So let's say you are in the 12% tax bracket and you have $672 of student interest and you are below the numbers I state above.  That means amending the tax return is work $81 on the federal tax return (and may have additional impact on the state return, depending on what state you live in).

So as stated, you are not required to amend and include the student loan deduction, but some may feel the benefit is worth it.